Chinese Firm SIICGM to Invest $200 Million Into the Philippine Steel Industry

The Philippines is indeed having a bright future particularly in the infrastructure sectors as Chinese firm SIICGM Development Ltd. invests around $200 million into the Philippine steel industry to capture a slice of the billions of the highly anticipated infrastructure project under the administration of Pres. Rody Duterte.

The Chinese firm based in Hong Kong will be working with the local steel trader Mannage Resources Trading Corp. (MRTC), to pursue investments in the country amid improving relations between the Philippine and Chinese government.

SIICGM is a subsidiary of consumer goods company SIIC Shanghai International Group, they partnered with local steel trader Mannage Resources Trading Corp., for their Philippine expansion.

The partnership between the Chinese and Filipino companies aims to break into the lucrative reinforcing steel bars market just as the government announced its plan to raise infrastructure spending to the equivalent of 7 percent of the country's gross domestic product.

According to the Department of Budget and Management (DBM) the Duterte administration will ramp up spending which will be felt as early as next year and announced the record-breaking P891-billion budget for the construction of airports, seaports, major roads and bridges, and farm-to-market roads.

The President of the Republic plans to boost infrastructure, accelerate public-private partnership projects, and develop the countryside to sustained economic growth.

Chinese Firm SIICGM to Invest $200 Million Into the Philippine Steel Industry
Reviewed by Phil Newsome
on
11/08/2016
Rating: 5